“My biggest concern is that women are still lagging their male counterparts men — even millennial women — in retirement savings as well as their income,” Judith Ward, a senior financial planner at T. Rowe Price.
There’s something about entering the fifth decade, or later, that spurs a desire in many people to soul-search about what truly provides meaning in their lives and how they can help solve thorny social problems that disturb them. It strikes the chord of big cosmic questions such as “Is this all there is?” and “What will I be remembered for?”
Talking about money is still a taboo subject. It makes us uncomfortable. Women are great investors, but they still lack the confidence to get started.
“The self-employed have an inspiring vision of aging and retirement,” Catherine Collinson, CEO and president of the nonprofit Transamerica Institute and Transamerica Center for Retirement Studies, told me. “Compared with employed workers, the idea of retirement isn’t as relevant, because they have far greater freedom to continue working — or retire — on their own terms.”
“Sidepreneurs may be testing a business idea while holding down a job or supplementing income or seeking a creative outlet or an additional challenge,” according to the Amex report.
Several major exhibitions in the nation’s capital are celebrating women — from the battle for voting rights, spurred by the 100th anniversary of the 19th Amendment, to artworks by feminist icons who embody the challenging issues of their epochs.
Work with younger generations. The real fountain of youth is the fountain with youth, according to Marc Freedman, founder of Encore.org. Find ways to connect with younger generations through mentoring, tutoring or coaching.
Many retirees do not have a plan. And for those who encounter retirement earlier than expected because of a health crisis or downsizing, facing the new reality can be rocky. Isolation and loneliness can emerge.
The Washington Post’s Color of Money Book Club pick: “It’s about fearlessly creating something new regardless of your age,” Hannon writes. “It’s scary. It’s risky. It’s hard work, and most entrepreneurs I have interviewed have told me that their only regret is that they didn’t do it sooner.”
Author Kerry Hannon will discuss her new book, “You’re Never Too Old to Get Rich,” at Howard County’s Master Aging event on Saturday, October 19, from 10 a.m. to 3 p.m. at Howard Community College.